ATFX Market Outlook 10th December 2024

ATFX Market Outlook 10th December 2024

Impact of Syrian Crisis on Gold, Oil, and U.S. Stocks

Opinion Today:

Dow futures were little changed on Tuesday after Nasdaq Composite retreated from record highs, weighed down by a sharp decline in Nvidia.WTI crude oil futures climbed above $68 per barrel, driven by optimism over China's shift toward a looser monetary policy and geopolitical uncertainty in the Middle East. Gold price trades below the two-week top; the downside seems protected

 Today, the market is focused on key data releases, including the China Trade Balance for November and the RBA Interest Rate Decision, which is steady at 4.35%, marking nearly a year without any changes to the rate. The RBA Press Conference is at 12:30 PM. During the Euro session, the Germany CPI YoY Final for November will be at 3 pm.

Key Data:

11:00 CN Trade Balance NOV **

11:30 RBA Interest Rate Decision ***  

12:30 RBA Press Conference ***

15:00 EU GERMANY CPI YoY Final NOV ***

EUR/USD

1.0582/1.0607 Resistance1.0527/1.0503 Support

EUR/USD is under pressure following the release of the Sentix Investor Confidence index, which showed a decline. This reflects growing pessimism about the Eurozone's economic outlook and has raised concerns about the ECB's ability to maintain its current monetary policy. The 10 and 20 moving averages indicate bearish momentum, with support at 1.0500.

GBP/USD

1.2770/1.2805 Resistance1.2716/1.2682 Support

GBP/USD is trading around 1.2740, showing resilience despite mixed economic signals. Traders are closely watching upcoming UK data. The price is showing under pressure, and there is a chance that it might test support.

USD/JPY

151.96/152.34 Resistance150.71/150.32 Support

USD/JPY is bullish, trading around 151.00, with both moving averages aligned upward, reflecting strong momentum. Thus, there is a chance that the price might continue its rally toward the next resistance.

USD/CAD

1.4201/1.4226 Resistance1.4124/1.4100 Support

USD/CAD is currently trading around 1.4170, showing a bullish trend with potential resistance at 1.4200. This movement is influenced by fluctuating oil prices following OPEC's production cuts. Hence, a further bullish outlook can extend toward the next resistance.

U.S Crude Oil Futures (January)

68.74/69.07 Resistance67.67/67.35 Support

WTI crude oil futures climbed above $68 per barrel, driven by optimism over China's shift toward a looser monetary policy and geopolitical uncertainty in the Middle East. From a technical perspective, the 10 and 20 moving averages on the 4-hour chart indicate a bullish trend for oil prices. The current price action is above both moving averages, suggesting strong upward momentum. If WTI can maintain this position above $68, it could signal a potential rally.

Spot Gold

2677/2691 Resistance2650/2633 SupportSpot Silver32.28/32.49 Resistance31.58/31.37 Support

Gold price trades below the two-week top; the downside seems protected. From a technical perspective, the 10 and 20 moving averages on the 4-hour chart indicate a bullish trend for gold. The price is trading above both moving averages, suggesting upward momentum.

US30

44659/44844 Resistance44076/43894 Support

Dow futures were little changed on Tuesday after Nasdaq Composite retreated from record highs, weighed down by a sharp decline in Nvidia.The 10-period moving average (MA) is below the 20-period MA, indicating bearish momentum.

NAS100

21614/21717 Resistance21282/21181 Support

NAS100 were little changed on Tuesday after Nasdaq Composite retreated from record highs, weighed down by a sharp decline in Nvidia.

The 10-period moving average (MA) is below the 20-period MA, indicating bearish momentum.

BTC (Bitcoin)

100586/102140 Resistance94109/92606 Support

BTC has retreated from the $100,000 mark, currently trading lower as market sentiment fluctuates amid regulatory discussions and profit-taking. Technical indicators show mixed signals, and traders are watching for support around $90,000.

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

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